Assignment 08: Budgeting for the FutureSpreadsheet 1: Monthly BudgetImagine you’ve graduated college and have your dream job. Consider the car you’ll be driving, house you’ll beliving in and expenses, along with the income from your dream job (and maybe a spouse?). Given that scenario,build a budget. Here are some categories to consider:Income: What is the monthly income from your dream job? Using a payroll calculator on the internet, estimate your monthly net income Also, if you are married or expect to be, add that estimated income also.Expenses: Investments. Retirement (401k) Kids College fund (529) Phones: cell? Home? Satellite or cable TV Internet service Insurance o Life insurance o Medical insurance (Flex plan?) o Cancer insurance o Home insurance o Car insurance Home Mortgage o What is that dream house going to cost you each month? Home Maintenance o Will you save money for repairs and remodeling? Garbage service Groceries Electricity/Propane/Gas for home (size of house matters here!) Car Payment (one car payment or two?) Monthly gas estimate Athletic club or recreation membership Credit card payments College loan payment Personal Expenses o Hair, nails, etc. o clothing Hobbies o Boat/RV payment & insurance o What do you do for fun? What does it cost? Recreation o Money for going out to dinner, movies, etc. Travel o Save for trips? Discretionary cash o How much ‘latte’ money do you need each month?What have I forgotten? Add it in
1. Title the spreadsheet 2. List incomes 3. Total incomes 4. List expenses 5. Total expenses 6. Subtract expenses from income, this should be a positive number (at least you hope <grin>) 7. Make data look professional. 8. Rename the spreadsheet tab 9. Create a pie graph of expenses.Spreadsheet 2: Zero BudgetA zero budget requires that you allocate every dollar coming in to an expense.At the top you have your first paycheck (weekly/biweekly/etc). Which bills are paid from what check? Maybe your first check covers the rent and groceries, and then everything else comes out of your second check of the month. Or maybe your spouse covers the rent (he/she paid monthly), then you break the bills up over your two monthly checks…you decide.All of the expenses should equal the total of each check. The idea is the no money is lost - everything comingin has a place to go, even if its for recreation or dining or savings, etc. 1.) Title the spreadsheet 2.) Organize the info 3.) 1st check 4.) expenses paid with first check 5.) subtotal expenses 6.) subtract expenses total from check amount, should equal zero 7.) Do the same for all other checks coming in during the month. 8.) Use formulas 9.) Format it for readability 10.) Rename the tab Save the workbook as ‘A8 budget Yourname’ I want to review this with you in class before you submit it for credit Upload to the assignment in Bb.